A disclaimer-- I am a rookie and I may be completed wrong about all of this, so please verify my research independently. It seems that there are some really solid values for booking the lowest-level SkyTeam award fights via AeroMexico.
The MR>AeroMexico transfer bonus is 20%, but the interesting part is this--
AeroMexico actually has two award currencies. You'll be transferring your MR points into Club Premier
Miles. However, the AeroMexico award chart is listed in KmP (aka Club Premier
Kilometers). Club Premier Miles transfer into KmP at 1.6X (metric to standard conversion for award points... so strange).
Click here for more info.
Here is a link to the AeroMexico Club Premier redemption chart.
Since 1 MR point is the equivalent of 1.92 KmP (1 MR x 1.2 transfer bonus to Club Premier Miles x 1.6 metric conversion = 1.92 KmP), there are some pretty decent values, IMO! For example, if you wanted to fly on Delta from the Continental USA>Hawaii redemption, the cheapest award level is 45k SkyMiles pp. For AeroMexico, the same award ticket would be available for 64k KmP.
64k KmP/1.92 = 33,333 MR, but you've gotta transfer in increments of 1,000, so...
34,000 MR points. You'd have to transfer 45k MR to Delta for the same redemption using Delta SkyMiles, so you'll save 25.9% or 11,000 MR.
USA/Canada to Hawaii (biz class)
128k KmP = 67k MR (vs 80k SkyMiles)
Here are some other good values, IMO:
USA/Canada to USA/Canada
Economy - 40k KmP = 21k MR (vs 25k SkyMiles)
Biz - 80k KmP = 42k MR (vs 50k SkyMiles)
USA/Canada to Europe
Economy - 80k KmP = 42k MR (vs 60k SkyMiles)
Biz - 128k KmP =
Only 67,000 MR! (vs 125k SkyMiles, a 46% savings if you're transferring your MR points)
Another possible value-- AeroMexico still is offering the
SkyTeam Go Round The World pass, which Delta cancelled at the beginning of this year. Their cost for a RTW ticket is 224k and 352k KmP for economy and business, respectively.
That equals only 117k and 184k MR points for economy and business class RTW tickets! I think that is pretty incredible value for 117k/184k MR points. If you're an economy flyer, the 100k MR bonus for $10k min spend on the AMEX US Biz Plat will get you 94% of a RTW SkyTeam ticket. Pretty dang good, IMO.
For reference, before the Delta RTW ticket program was canceled on 1/1/15, the cost of an economy SkyMiles RTW ticket was 180k and the biz class RTW ticket was 280k.
One more thing-- need a few more KmP to complete your itinerary? You can purchase 1,000 KmP for $15 (max. 70k KmP per user, must be enrolled in the Club Premier program for 1 month prior to the purchase request).
Lastly, keep in mind that AeroMexico only has access to "N" economy and "R" business award domestic tickets on the Delta site (the cheapest reward flight levels). For international business class, they have access to "O" classes (not sure what international economy fare class they access). These can be pretty difficult to find, depending on the route and time of year. The other issue is that you have to call Club Premier and book these flights over the phone. The don't allow for online redemptions for US-based passengers.